Markforged, an American manufacturer of industrial 3D printers, has published financial statements for the second quarter of 2022 showing an increase in revenues of + 18.6%. During the quarter, the company generated a revenue of USD 24.2 million, ie USD 3.8 million more than in the corresponding period last year and USD 2.3 million quarter to quarter.
Since Markforged went public on the NYSE in July 2021, it has shown fairly steady growth. However, given that Markforged revenues increased by + 9% in first quarter of 2021, second quarter of 2022 results represent a significant increase in the pace of expansion.
But while Markforged continues to experience strong customer demand for its solutions, the company’s CEO Shai Terem admitted that the volatility of the global economy has a short-term impact on operations. This prompted the company to “review internal cost controls,” however, it has no intention of cutting back on innovation as research and development costs increased by + 62.5% in the second quarter.
Moving on to the third quarter of 2022, Markforged revised its annual forecast to $ 110.0 million from an earlier forecast of $ 114.0 million. Described by Terema as a “cautious” move considering economic conditions, the revision still leaves the company forecasting an increase of + 20.6%. At the same time, Markforged ended the second quarter with $ 243.2 million in cash, which is a good position for the coming months.
Source: www.markforged.com